Gemini co-founder Tyler Winklevoss has strongly criticized the Federal Reserve’s recent actions against the crypto industry. He called Vice President Kamala Harris’ shift in crypto policy a “scam” in a recent X post. His comments came after he condemned Harris for not attending a roundtable discussion with crypto leaders on August 8.
Federal Reserve’s Action Against Customers Bank
Winklevoss focused his criticism on the Federal Reserve’s enforcement action against Customers Bank, which is known for its support of the crypto industry. The Fed issued a 13-page directive requiring the bank to give a 30-day notice before forming any new banking relationships with crypto firms.
Operation Choke Point 2.0 Concerns
According to Winklevoss, this enforcement action is evidence that “Operation Choke Point 2.0” is in full effect. He believes the action will create significant obstacles for crypto companies, as Customers Bank is one of the few banks in the U.S. that is crypto-friendly. The Fed’s new rules, he argues, place it as a gatekeeper, restricting the ability of crypto firms to access banking services.
Criticism of Centralized Regulation
Winklevoss also criticized the centralization of decision-making by the Federal Reserve. He argued that banks should have the autonomy to decide which customers they serve. This decision-making, he stressed, should be decentralized across the entire banking industry, rather than controlled by a single entity.
Vague Allegations Against Customers Bank
The Federal Reserve’s action was based on what it described as “significant deficiencies” in Customers Bank’s risk management and compliance with anti-money laundering (AML) regulations. However, Winklevoss dismissed these claims as vague and unsupported. He pointed out that the Fed did not provide concrete evidence to back up its allegations, leaving the public to rely on the Fed’s word alone.
Speculation on Federal Reserve’s True Intentions
Winklevoss went further, suggesting that the Federal Reserve’s real goal is to take control of Customers Bank’s decision-making process. He warned that the enforcement action is just a start. If Harris wins the upcoming election, Winklevoss believes the Federal Reserve will take even more aggressive actions.
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